3. Suppose a monopolistically competitive firm sells 25 units at a price of $10. Calculate its marginal revenue per unit of output if it sells 5 more units of output when it reduced its price to $9.
(A) $20
(B) $2.50
(C) $4
(D) $270

4. A Herfindahl-Hirschman Index is calculated by (A) Summing the amount of sales by the four largest firms and dividing by total industry sales. (B) Summing the advertising expenditures of the firms that want to merge by total industry advertising expenditures. (C) Dividing the number of firms wanting to merge by the total number in the industry. (D) Summing the squares of the market shares of each firm in the industry.

5. Suppose two firms in a duopoly implicitly collude and charge a high price. How might each firm benefit from advertising that it will match the lowest price offered by its competitor? (A) The advertisement ensures that the other firm does not cheat. If a firm cheats on the agreement and charges the lower price, the rival firm will retaliate by doing the same. (B) The offer to match prices is a way of signaling to antitrust authorities that the firms are not engaged in illegal collusion. (C) The offer to match prices is a way of deterring entry by other large firms, thereby keeping the market share of the existing firms intact. (D) The advertisement is meant to suggest to consumers that the offered price is the lowest price available.

6. Each member of OPEC can increase its income by selling more oil than its output quota because (A) By selling more at OPEC's cartel price, a member will automatically earn more income. (B) The demand for oil is inelastic, total revenue increases. (C) The demand for oil is perfectly elastic. (D) Each member's demand is more elastic than the total demand for oil.

7. A Big Mac costs $2.40 in the U.S. and 4.60 reals in Brazil. If the exchange rate is 2 reals per dollar, purchasing power parity predicts that (A) The dollar will appreciate as the demand for dollars rises in the long run. (B) The dollar will appreciate as the supply of dollars falls in the long run. (C) The dollar will depreciate as the demand for dollars falls in the long run. (D) The dollar will depreciate as the supply of dollars rises in the long run.

8. Home Depot sells new and used doors to contractors who build new homes. Home Depot also sells new and used doors to homeowners. Which of the following would be counted in GDP? (A) The sale of a used door to a homeowner. (B) The sale of a new door to homeowner. (C) The sale of a used door to contractor for installation into a new home. (D) The sale of a new door to contractor for installation into a new home.

9. Minimum wage laws cause unemployment because the legal minimum wage is set (A) Below the market wage, causing labor demand to be greater than labor supply. (B) Below the market wage, causing labor demand to be less than labor supply. (C) Above the market wage, causing labor demand to be greater than labor supply. (D) Above the market wage, causing labor demand to be less than labor supply. (E) Too low.

10. Suppose the Fed decreases the money supply. In response households and firms will ______ short term assets and this will drive ______ interest rates. (A) buy; up (B) buy; down (C) sell; up (D) sell; down

1. Figure 1 demonstrates that (A) In the short run, the monopolistic competitor produces an output \( Q_{b} \) but in the long run after it adjusts its capacity, it will produce the allocatively efficient output, \( Q_{a} \). (B) It is not possible for a monopolistic competitor to produce the productively efficient output level, \( Q_{a} \), because of product differentiation. (C) It is possible for a monopolistic competitor to produce the productively efficient output level, \( Q_{a} \), if it is willing to lower its price from \( P_{b} \) to \( P_{a} \). (D) In the long run, the monopolistic competitor produces the minimum-cost output level, \( Q_{a} \), but in the short run its output of \( Q_{b} \) is not cost minimizing. Figure 2 In 2025, New Taipei City's Franchise and Concession Review Committee granted permission to firm A to enter the market for cable TV, ending the monopolies of firms B and C. Figure 2 shows the cable television market in New Taipei City.

2. Refer to Figure 2. What is the size of the deadweight loss prior to firm A entering the market and what happens to this deadweight loss after firm A does enter the market? (A) The deadweight loss of area \( D \) is converted to consumer surplus. (B) The deadweight loss of area \( C + D \) is converted to consumer surplus. (C) The deadweight loss of area \( D \) is converted to producer surplus. (D) The total deadweight loss is the area \( D + F \); \( D \) is converted to consumer surplus and \( F \) to producer surplus.

3. Refer to Figure 2. Suppose the local government imposes a $2.50 per month tax on cable companies. What happens to the price charged by the cable company following the imposition of this tax? (A) The price rises from \( P_{\mathrm{M}} \) to \( (P_{\mathrm{M}} + \$2.50) \). (B) The price rises from \( P_{\mathrm{M}} \) but it increases by an amount less than $2.50. (C) The price rises from \( P_{\mathrm{M}} \) but it increases by an amount greater than $2.50 to reflect the monopoly's markup. (D) The price remains at \( P_{\mathrm{M}} \)

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